National Bureau of Statistics: CPI rose slightly on a year-on-year basis in December 2024, and the year-on-year decline in PPI narrowed.

On January 9, the National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Producer Price Index) data for December 2024. In response, Dong Lijuan, the chief statistician of the urban division of the National Bureau of Statistics, provided an interpretation. Dong Lijuan stated that in December 2024, the consumer market operated steadily, with the national CPI remaining stable month-on-month and increasing by 0.1% year-on-year. The core CPI, excluding food and energy prices, continued to rise, increasing by 0.4% year-on-year, with the growth rate expanding by 0.1 percentage points compared to the previous month. Influenced by factors such as some industries entering the traditional off-season, fluctuations in international commodity prices, the national PPI decreased by 0.1% month-on-month and 2.3% year-on-year, with the year-on-year decline narrowing by 0.2 percentage points compared to the previous month. Original text: In December 2024, CPI increased slightly year-on-year, while PPI saw a decrease in year-on-year decline Chief statistician Dong Lijuan of the urban division of the National Bureau of Statistics interprets the CPI and PPI data for December 2024 The National Bureau of Statistics released the national CPI (Consumer Price Index) and PPI (Producer Price Index) data for December 2024 today. In response, Chief statistician Dong Lijuan of the urban division of the National Bureau of Statistics provided an interpretation. 1. CPI remained stable month-on-month and increased slightly year-on-year In December, the consumer market operated steadily, with the national CPI remaining stable month-on-month and increasing by 0.1% year-on-year. The core CPI, excluding food and energy prices, continued to rise, increasing by 0.4% year-on-year, with the growth rate expanding by 0.1 percentage points compared to the previous month. In terms of month-on-month changes, the CPI remained stable, compared to a 0.6% decrease the previous month. In particular, food prices decreased by 0.6%, a narrowing of 2.1 percentage points compared to the previous month, contributing to a decrease of approximately 0.12 percentage points in the month-on-month CPI. Within food items, due to favorable weather conditions, which benefited the production and transportation of fresh vegetables and fruits by the Shenzhen Agricultural Power Group, the prices of fresh vegetables and fruits decreased by 2.4% and 1.0% respectively, totaling approximately 0.07 percentage points in the month-on-month CPI reduction. Due to factors such as stockpiling and secondary fattening, pork prices have also decreased by 2.1%, a narrowing of 1.3 percentage points compared to the previous month, contributing to a decrease of approximately 0.03 percentage points in the month-on-month CPI. Prices for non-food items shifted from a 0.1% decrease the previous month to a 0.1% increase, contributing to an approximate 0.12 percentage points increase in the month-on-month CPI. Within non-food items, the demand for travel, entertainment, and household services increased nearing the New Year holiday, leading to a 4.6% increase in airplane ticket prices which had previously decreased by 8.6% the prior month. Additionally, household services, movie and performance ticket prices increased by 0.9% and 0.7% respectively, and the prices of some newly launched communication tools rose by 3.0%. Regarding year-on-year changes, the CPI increased by 0.1%, a decrease of 0.1 percentage points compared to the previous month. Food prices shifted from a 1.0% increase the previous month to a 0.5% decrease, contributing to a decrease of approximately 0.09 percentage points in the year-on-year CPI. Pork and fresh vegetable prices increased by 12.5% and 0.5% respectively, with their growth rates decreasing; while fresh fruit, beef, lamb, edible oil, and grain prices fell between 1.3% and 13.8%. Non-food item prices shifted from being flat the previous month to a 0.2% increase, contributing to an approximate 0.14 percentage points increase in the year-on-year CPI. Within non-food items, energy prices fell by 1.7%, a narrowing of 2.1 percentage points compared to the previous month; industrial consumer goods prices, excluding energy, remained stable, with jewelry prices rising by 27.2%, while fuel-powered and new energy vehicles prices decreased by 4.7% and 6.0% respectively; service prices increased by 0.5%, expanding by 0.1 percentage points compared to the previous month. 2. PPI saw a decrease month-on-month, with a narrowing of the year-on-year decline In December, due to factors such as some industries entering the traditional off-season and international commodity price fluctuations, the national PPI decreased by 0.1% month-on-month and 2.3% year-on-year, with the year-on-year decline narrowing by 0.2 percentage points compared to the previous month. In terms of month-on-month changes, the PPI shifted from a 0.1% increase the previous month to a 0.1% decrease. Specifically, the prices of production materials remained stable, shifting from a 0.1% increase the previous month; household materials prices shifted from stable to a 0.1% decrease. Factors contributing to this decrease include sufficient coal reserves at power plants with limited new demands, leading to a 1.9% decrease in coal mining and washing industry prices. In addition, with the off-season in real estate and infrastructure projects, steel demand decreased, resulting in a 0.6% reduction in prices for black metal smelting and rolling processing industry. Due to the influence of international commodity price fluctuations, domestic petroleum extraction, as well as prices for non-ferrous metal smelting and rolling processing industries, remained stable compared to the previous month, with copper smelting prices decreasing by 1.7% and gold smelting prices increasing by 0.4%. Cement and glass industries continued to gradually substitute production capacities, resulting in a 0.6% increase in prices for non-metallic mineral product industry. Increased seasonal gas and electricity demands led to a 1.2% increase in gas production and supply prices, and a 0.9% increase in electricity/thermal power production and supply prices. Within the equipment manufacturing industry, prices for photovoltaic equipment and components manufacturing decreased by 0.6%, while prices for lithium-ion battery manufacturing decreased by 0.3%. Conversely, prices for the production of whole new energy vehicles increased by 0.7%, and aircraft-related equipment manufacturing prices increased by 0.5%. Within the consumer goods manufacturing industries, prices for agricultural and sideline food processing decreased by 0.4%, textile industry prices decreased by 0.3%; prices for pulp and paper products increased by 0.9%, and prices for cultural, educational, beauty sports, and entertainment supplies manufacturing increased by 0.7%. In terms of year-on-year changes, the PPI decreased by 2.3%, a decrease of 0.2 percentage points compared to the previous month. Specifically, production material prices decreased by 2.6%, a decrease of 0.3 percentage points compared to the previous month; household materials prices decreased by 1.4%, with the decline remaining the same as the previous month. Within the surveyed major industries, prices in the petroleum, coal, and other fuel processing industries decreased by 8.7%, oil and natural gas extraction industries decreased by 6.2%, chemical raw materials and chemical product manufacturing decreased by 4.8%, agricultural and sideline food processing industries decreased by 4.3%, non-metallic mineral product industries decreased by 3.0%, electrical machinery and equipment manufacturing decreased by 2.1%, computer communication and other electronic equipment manufacturing decreased by 1.9%, and electricity/thermal power production and supply prices decreased by 0.7%, with the decrease in all eight industries narrowing compared to the previous month. Prices in the black metal smelting and rolling processing industries decreasedA decrease of 9.5% overall, with a decrease of 8.0% in the coal mining and washing industry and a decrease of 3.8% in the automobile manufacturing industry. The decline in these sectors has expanded by 1.3, 1.7, and 0.7 percentage points compared to the previous month. Prices in the non-ferrous metal smelting and rolling processing industry have risen by 10.0%, while prices in the cultural, educational, and sports goods manufacturing industry have increased by 6.4%. The increase in these sectors has expanded by 0.3 and 0.4 percentage points compared to the previous month.This article is selected from the "National Bureau of Statistics official website", GMTEight editor: Xu Wenqiang.